Diversity as a Superpower: An Ex-Goldman Advisor on Building a Firm From Zero to $400mm and Beyond

The Diamond Podcast for Financial Advisors

With Allan Boomer – Partner, Chief Investment Officer of Momentum Advisors

Overview

Allan Boomer, the CIO of Momentum Advisors, shares his journey from a working-class background to an internship at Merrill and later landing at Goldman. In this episode, he discusses leaving Goldman to gain the ability to act as a true fiduciary in independence, the role of diversity as his “superpower,” his vision for a “100-year business,” his focus on long-term growth, and more.

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NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.

About this episode…

Many of the most successful advisors start off in a place unlike the world they practice in.

For Allan Boomer, discussing the stock market at dinner or reading the Wall Street Journal wasn’t a part of his upbringing. However, hard work and strong family values were the major factors that influenced his formative years.

In high school, Allan joined a corporate internship program that offered him a summer position at Merrill, which changed his life’s trajectory.

After graduating from NYU’s Stern School of Business, he landed at Goldman Sachs and dug into his strong work ethic and determination to build his experience and book.

He recalls how his colleagues had family or friends they could call on to help them build their businesses, but he didn’t have that same reach as a young Black man in a working-class community.

Allan took several leaps of faith over the years, ultimately leaving Goldman – and much of his book on the table – to become a true fiduciary. Today, Momentum Advisors manages $400mm in assets with 10 employees.

In this episode, Allan shares how that vision drives him with host Louis Diamond and offers a unique perspective on growth, including:

• The factors that led him to leave Goldman—and why he chose independence.
• Being a true fiduciary to his clients—and why he could not accomplish that at the brokerage firm.
• The role of diversity in wealth management—and why he sees it as his “superpower.”
• The value of youth—and how he and his team use it to their advantage.
• Building a “100-year business”—and what that means to him, his team, and his clients.

Allan’s story is relevant and relatable for advisors at all levels, with a point of view on building for the long term from which all advisors can learn.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.

Related Resources

The 5 Attributes That Make a Financial Advisor a “Real” Fiduciary
Wirehouse advisors are recognizing that being a true fiduciary is impossible as an employee—and it’s adding more fuel to the flow of movement to independence.

The Path to Independence: 6 Key Elements to Consider Before Starting Your Journey
With so many options to choose from, how does an advisor decide which path to independence to take?

Your Guide to the Wealth Management Landscape: An At-A-Glance Map for Financial Advisors
An “at-a-glance” continuum infographic to serve as your guide to the different models and their relative features.

Allan Boomer is the Founder and Chief Investment Officer of Momentum Advisors — a certified minority-owned investment management and financial planning firm in New York City with over $350 million in assets under management.

Outside of his role at Momentum, Allan is an active investor in real estate and franchise businesses. He and his partners own nine ZIPS Dry Cleaning franchise stores and are the largest franchisee in the ZIPS system. Additionally, he is the co-host of “The Momentum Advisors Show,” a weekly podcast which educates the public about building wealth through investments, financial literacy and entrepreneurship.

Allan holds an MBA in Finance from the NYU Stern School of Business, where he was a Robert A. Toigo Fellow, and a BS in Marketing from Morgan State University.

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